The Emerging Payments Association (EPA), an alliance of payments professionals, has selected Luxembourg as its EU base.

The move also involved the forming of a separate legal structure called the Emerging Payments Association EU (EPA EU).

The EPA EU members will include the EPA, Luxembourg For Finance and the financial utility Banking Circle. It will operate as a non-profit business association and will be led by Keytrade Bank Luxembourg ex-CEO Thibault de Barsy.

EPA director general Tony Craddock said: “With Brexit on the horizon we felt it was vital to give our current members, as well as a new cohort of Europe-wide payments businesses a professional association that could represent their interests.

“We aim to enlarge our international footprint and deliver new opportunities to our existing and future members.”

Luxembourg Minister of Finance Pierre Gramegna said: “With PSD 1 and PSD 2, the EU has shown global leadership when it comes to payment services regulation and open banking.

“In view of Brexit, the Emerging Payments Association’s decision to expand its EU network to remain at the forefront of developments in the European payment industry thus seems like a natural choice and underlines Luxembourg’s growing role as a leading payment hub over the past decade, both for established global e-commerce and payment firms as well as new Fintech innovators.”